Big South Korean Companies to Participate in Development Projects in Turkey

Big South Korean Companies to Participate in Development Projects in Turkey

Turkey has been undergoing a transformation phase for the past decade thanks to the unparalleled development in various sectors. Not only does it have positive trade relations with the neighboring countries, but it has also already proven to be a worthwhile exporter to both the first and third world countries.

Combine this with its domestic growth of the economy and the infrastructure, Turkey has succeeded in attracting the attention of global leaders and global investors who have either already invested in various projects or are certainly in the planning stages of finalizing a prosperous deal that benefits both parties.

Ongoing Development Projects in Turkey

The Ankara Agreement and the Import Substitution system has enabled Turkey to make giant leaps in the field of manufacturing and exports. Furthermore, the benefits provided by the government to the industries looking to establish their base on the land of Turkey are too good of an opportunity to miss. 

When we also consider Turkey’s ideal location which allows it to connect with not only the Middle East but also with the European Countries. Seeing this, the representatives of South Korea and Turkey have already established a trillion-dollar development deal between them.

Turkey Is the Second Largest Country in The Energy Production All Over Europe

Even in the Energy Production field, while Turkey is currently the second largest in all of Europe, it’s expected to attain the first position before the end of the decade. The deal between South Korea’s SK Engineering & Construction Company and Turkey’s energy manufacturer UNIT International S.A., where the former company bought 30 percent stake of the latter company, has shown the investors that investing in companies, too, would be beneficial besides establishing a new one.

Aside from these deals in the energy sector and Infrastructure development, Turkey also holds the potential for allowing lucrative real-estate deals as well as deals pertaining to its highly progressive steel industry.

The free trade agreement signed between Korea and Turkey which commenced in 2014 has in one year produced the trading volume of over $7 billion thus Korean companies are definitely eyeing their opportunities and not wasting their chances.